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Ralph Recto urges Congress to “keep eyes on debt needle’

Nov 30, 2018 @ 18:35

Senate President Pro Tempore Ralph Recto said “our eyes should be on the debt needle.”

The Batangas politiko urged Congress to strictly monitor the government’s debt.”

“We should not let up in our oversight because loose loan approvals will create payables the next generation will amortize,” Recto said.

“Historically, okay ‘yung downward trajectory ng interest payments, as share of national budget. In 2004, 30 centavos for every budget peso went to interest payments. Last year, about 9 centavos na lang. But we should be wary of any backsliding,” He added.

The Philippines national debt has climb to P7.15 trillion as of September 2018 compared to P5.94 trillion in June 2016.

“But not fully included in the debt picture are contingent liabilities arising from sovereign loans or guaranteed obligations in PPP projects, and embedded in various kinds of joint ventures,” Recto explained.

“There should be a reliable, running estimate kung magkano ang mga ito. Otherwise kapag pumutok, blindsided tayo,” he added.

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